Nn Inc Stock Price, News & Analysis

NN, Inc. (NASDAQ: NNBR) has partnered with Nylacast Automotive to deliver complete electric power steering (EPS) worm gearset solutions. This collaboration combines NN's expertise in worm shafts and Nylacast's skills in worm wheels, enhancing efficiency and quality for customers. The gearsets will enable reduced transportation costs and improved packaging. With the rising demand in electric vehicles, the partnership aims to provide robust, high-tensile strength components, essential for modern steering systems. Executives from both companies expressed excitement over the enhanced product offerings.

On November 15, 2022, NN, Inc. (NASDAQ: NNBR) announced that Steve Heethuis, Training Director, was awarded the 2022 MFG Talent Champion by the Michigan Manufacturers Association. This recognition highlights his commitment to attracting and training talent for the manufacturing sector in West Michigan. The honor was presented at The MFG Excellence Awards on November 10, which celebrated the contributions of Michigan manufacturers. NN, Inc. specializes in producing high-precision components and has a global presence with 30 facilities across multiple continents.

NN, Inc. (NASDAQ: NNBR) has announced a management transition plan due to the planned retirements of CEO Warren Veltman and EVP John Buchan, effective March 31, 2023. Korn Ferry will assist in identifying a new CEO with expertise in the electric and electrical vehicle industries. Gunars Vinkels and Douglas Campos have been named interim COOs for their respective divisions. Veltman highlighted the company’s progress in reducing debt and refining growth strategy, particularly in high-growth markets. The board aims to fill the CEO position with a proven leader in these areas.

NN, Inc. (NASDAQ: NNBR) reported an 8.6% increase in net sales to $127.3 million for Q3 2022, driven by improved pricing and demand in Mobile Solutions. Despite sales growth, operational losses narrowed to $2.1 million from $4.6 million year-over-year. Adjusted EBITDA rose to $11.8 million, reflecting a 9.3% margin. The company plans to close its Irvine facility, following a previous closure in Taunton, due to combined adjusted operating losses of $7.5 million. The full-year revenue guidance is revised to $503-$510 million, with a free cash flow outlook of ($12) to ($9) million.

NN, Inc. (NASDAQ: NNBR) announced it will release its third quarter 2022 financial results on November 1, 2022, after market close. A conference call to discuss these results will be held on November 2, 2022, at 9:00 a.m. EDT. Participants must register beforehand by calling 1-877-317-6789. The call will also be available as a webcast on the company's website. NN, Inc. is a global diversified industrial company with extensive engineering and manufacturing capabilities, operating 31 facilities across multiple continents.

NN, Inc. (NASDAQ: NNBR) announced the closure of its manufacturing facility in Irvine, California, as part of a strategic shift to enhance organic growth in the electric vehicle and infrastructure markets. This move follows another closure in Taunton, Massachusetts, and is expected to improve profitability and cash flow. The Irvine closure will affect approximately 55 employees, incurring around $1 million in severance and relocation costs. NN aims to relocate medical-related production and expects to complete the closure by Q1 2023, continuing its focus on operational optimization.

NN, Inc. (NASDAQ: NNBR) reported a 1.8% increase in net sales to $125.4 million for Q2 2022, despite ongoing supply chain disruptions and inflationary pressures. Loss from operations rose to $4.5 million, up from $1.6 million in Q2 2021. Key segments saw mixed results, with Power Solutions delivering $52.0 million in sales (+5.6%) and Mobile Solutions declining slightly to $73.4 million (-0.7%). Adjusted EBITDA decreased to $10.9 million, reflecting challenges in recovering costs. The company revised its 2022 revenue outlook to $510-$525 million, citing ongoing macroeconomic uncertainties.

NN, Inc. (NASDAQ: NNBR) announced it will release its Q2 2022 financial results on August 4, 2022, after market close. A conference call is scheduled for August 5, 2022, at 9:00 a.m. EDT, with registration required for participants. The call will be available via webcast on the company’s website, and a replay will be accessible until August 5, 2023. The company, headquartered in Charlotte, North Carolina, specializes in manufacturing high-precision components and assemblies globally, maintaining 31 facilities across various regions.